$CPRX
Catalyst Pharmaceuticals Inc

2018 Q2 Form 10-Q Financial Statement

#000119312518241075 Filed on August 07, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.631M $1.730M
YoY Change 52.08% -25.11%
% of Gross Profit
Research & Development $3.705M $2.452M
YoY Change 51.11% -2.28%
% of Gross Profit
Depreciation & Amortization $8.176K $12.96K
YoY Change -36.9% 47.88%
% of Gross Profit
Operating Expenses $6.336M $4.181M
YoY Change 51.53% -13.15%
Operating Profit -$6.336M -$4.181M
YoY Change 51.53% -13.15%
Interest Expense $0.00 $210.0K
YoY Change -100.0% 40.0%
% of Operating Profit
Other Income/Expense, Net $370.7K $91.04K
YoY Change 307.2% -1.85%
Pretax Income -$5.965M -$3.880M
YoY Change 53.74% -15.08%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$5.965M -$3.880M
YoY Change 53.74% -15.08%
Net Earnings / Revenue
Basic Earnings Per Share -$0.06
Diluted Earnings Per Share -$0.06 -$46.24K
COMMON SHARES
Basic Shares Outstanding 102.6M 83.79M shares
Diluted Shares Outstanding 102.6M

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $68.40M $35.10M
YoY Change 94.87% -26.88%
Cash & Equivalents $9.888M $8.584M
Short-Term Investments $58.50M $26.50M
Other Short-Term Assets $700.0K $600.0K
YoY Change 16.67% 0.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $69.09M $35.75M
YoY Change 93.23% -26.55%
LONG-TERM ASSETS
Property, Plant & Equipment $187.1K $218.3K
YoY Change -14.27% -15.56%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $5.000M
YoY Change
Other Assets $0.00 $0.00
YoY Change
Total Long-Term Assets $5.201M $227.2K
YoY Change 2189.55% -15.04%
TOTAL ASSETS
Total Short-Term Assets $69.09M $35.75M
Total Long-Term Assets $5.201M $227.2K
Total Assets $74.29M $35.98M
YoY Change 106.47% -26.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $922.6K $692.3K
YoY Change 33.26% -2.11%
Accrued Expenses $2.159M $1.148M
YoY Change 88.09% -28.16%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.082M $1.840M
YoY Change 67.46% -20.17%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $100.0K $200.0K
YoY Change -50.0% -33.33%
Total Long-Term Liabilities $100.0K $200.0K
YoY Change -50.0% -33.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.082M $1.840M
Total Long-Term Liabilities $100.0K $200.0K
Total Liabilities $3.225M $2.011M
YoY Change 60.39% -23.12%
SHAREHOLDERS EQUITY
Retained Earnings -$138.2M -$117.0M
YoY Change 18.15% 16.96%
Common Stock $102.6K $84.56K
YoY Change 21.34% 2.03%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $71.06M $33.97M
YoY Change
Total Liabilities & Shareholders Equity $74.29M $35.98M
YoY Change 106.47% -26.48%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income -$5.965M -$3.880M
YoY Change 53.74% -15.08%
Depreciation, Depletion And Amortization $8.176K $12.96K
YoY Change -36.9% 47.88%
Cash From Operating Activities -$4.760M -$3.200M
YoY Change 48.75% -26.27%
INVESTING ACTIVITIES
Capital Expenditures -$10.00K $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities -$4.940M $0.00
YoY Change -100.0%
Cash From Investing Activities -$4.950M $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.00K 1.810M
YoY Change -99.45%
NET CHANGE
Cash From Operating Activities -4.760M -3.200M
Cash From Investing Activities -4.950M 0.000
Cash From Financing Activities 10.00K 1.810M
Net Change In Cash -9.700M -1.390M
YoY Change 597.84% -60.29%
FREE CASH FLOW
Cash From Operating Activities -$4.760M -$3.200M
Capital Expenditures -$10.00K $0.00
Free Cash Flow -$4.750M -$3.200M
YoY Change 48.44% -24.71%

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<div> <table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="4%" valign="top" align="left"><b>1.</b></td> <td align="left" valign="top"> <p style="margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;" align="left"><b>Organization and Description of Business.</b></p> </td> </tr> </table> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> Catalyst Pharmaceuticals, Inc. (the Company) is a development-stage biopharmaceutical company focused on developing and commercializing innovating therapies for people with rare debilitating, chronic neuromuscular and neurological diseases, including Lambert-Eaton Myasthenic Syndrome (LEMS), Congenital Myasthenic Syndromes (CMS), MuSK antibody positive myasthenia gravis <font style="white-space:nowrap">(MuSK-MG),</font> and infantile spasms.</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> Since inception, the Company has devoted substantially all of its efforts to business planning, research and development, recruiting management and technical staff, acquiring operating assets and raising capital. The Company&#x2019;s primary focus is on the development and commercialization of its drug candidates. The Company has incurred operating losses in each period from inception through June&#xA0;30, 2018. The Company has been able to fund its cash needs to date through several public and private offerings of its common stock and warrants, through government grants, and through an investment by a strategic purchaser. See Note 10.</p> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b><i>Capital Resources</i></b></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> While there can be no assurance, based on currently available information, the Company estimates that it has sufficient resources to support its operations for at least the next 12 months.</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> The Company may raise additional funds in the future, if required for its business, through public or private equity offerings, debt financings, corporate collaborations, governmental research grants or other means. The Company may also seek to raise new capital to fund additional product development efforts, even if it has sufficient funds for its planned operations. Any sale by the Company of additional equity or convertible debt securities could result in dilution to the Company&#x2019;s current stockholders. There can be no assurance that any required additional funding will be available to the Company at all or available on terms acceptable to the Company. Further, to the extent that the Company raises additional funds through collaborative arrangements, it may be necessary to relinquish some rights to the Company&#x2019;s drug candidates or grant sublicenses on terms that are not favorable to the Company. If the Company is not able to secure additional funding when needed, the Company may have to delay, reduce the scope of, or eliminate one or more research and development programs, which could have an adverse effect on the Company&#x2019;s business.</p> </div>
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IncomeTaxExpenseBenefit
0
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-240831
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-23921
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-426386
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-34910
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1805437
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
201016
us-gaap Operating Expenses
OperatingExpenses
8861142
us-gaap Operating Income Loss
OperatingIncomeLoss
-8861142
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
34910
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
1805437
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5265680
us-gaap Share Based Compensation
ShareBasedCompensation
1392713
us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Lower Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit
0.47
us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Upper Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit
4.64
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
83441650 shares
cprx Deferred Tax Assets Valuation Allowance Percentage
DeferredTaxAssetsValuationAllowancePercentage
1.00 pure
CY2017Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-3879901
CY2017Q2 us-gaap Depreciation
Depreciation
12957
CY2017Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.05
CY2017Q2 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-210331
CY2017Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues
0
CY2017Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
309130
CY2017Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease
-210331
CY2017Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1729520
CY2017Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-3879901
CY2017Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2017Q2 us-gaap Net Income Loss
NetIncomeLoss
-3879901
CY2017Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
91039
CY2017Q2 us-gaap Operating Expenses
OperatingExpenses
4181271
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-4181271
CY2017Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2451751
CY2017Q2 us-gaap Share Based Compensation
ShareBasedCompensation
638569
CY2017Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
83905827 shares
CY2018Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-5979812
CY2018Q2 us-gaap Depreciation
Depreciation
8176
CY2018Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.06
CY2018Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2631031
CY2018Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-5965140
CY2018Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
-5965140
CY2018Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
370715
CY2018Q2 us-gaap Operating Expenses
OperatingExpenses
6335855
CY2018Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-6335855
CY2018Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-14672
CY2018Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3704824
CY2018Q2 us-gaap Share Based Compensation
ShareBasedCompensation
791507
CY2018Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
102596446 shares

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